Bitcoin registers minor dip to reach $30,588

Bitcoin registers minor dip to reach $30,588

ISLAMABAD, (Ind:Report): The cryptocurrency market registered a minor dip on Thursday, with the market cap losing 0.1 percent to reach $1.23 trillion.

As of 1130 hours GMT, Bitcoin, the world’s oldest and most valued cryptocurrency, slipped to $30,588 with a decrease of 0.5 percent in the last 24 hours. The market capitalisation of the biggest crypto has reached $594.2 billion with this decrease. Bitcoin has been 1.8 percent down in the past seven days.

Bitcoin has witnessed price volatility in the last 24 hours despite the positive US inflation data reported in June’s CPI. The cryptocurrency has encountered difficulties in surpassing the $30,500 threshold. The volatility is due to the US government’s movement of approximately $300 million worth of Silk Road-linked Bitcoin in three separate transactions, as indicated by on-chain data on Wednesday. Similar incidents in the past, including a billion-dollar Bitcoin transfer from the same wallet in March, have had significant repercussions on major cryptocurrencies, leading to substantial declines. Currently, Bitcoin faces resistance levels at $30,400 and $30,550. If it fails to overcome these resistance levels, it could potentially trigger further declines, bringing the price closer to its support level at $30,230.

Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, dived 0.3 percent to reach $1,885. With this decrease in price, the market capitalisation of ETH has reached $226.5 billion. ETH has been 2.8 percent down in the past seven days.

Likewise, Binance Coin (BNB) price decreased 0.7 percent to reach $247. With this decrease in price, the market capitalisation of BNB has reached $38.4 billion. BNB has gained 2 percent of its value during the last seven days.

On the other hand, Ripple (XRP) price increased by 0.1 percent to reach $0.473. The market capitalisation of XRP stands at $24.9 billion with this increase. XRP has lost 1.1 percent of its value during the last seven days.

However, Cardano (ADA) price edged lower by 0.4 percent to reach $0.289. Its market capitalisation has reached $10.1 billion with this decrease. ADA has lost 0.4 percent of its value in the past seven days.

Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC) and Solana (SOL) saw minor movements across the board. The Compound (COMP) token, emerged to be the biggest gainer early Thursday, with a 24-hour jump of over 5 percent. Wrapped Bitcoin (WBTC), on the other hand, became the biggest loser, with a 24-hour dip of over 16 percent.